Time To Pet + Stripe Capital

Time To Pet has partnered with Stripe to offer eligible businesses access to fast, flexible financing through the Stripe Capital program. Read more about this partnership here: Time To Pet + Stripe Capital.

Loans are issued by Celtic Bank and powered by Stripe.  All loans subject to credit approval.

Eligibility

Time To Pet businesses are automatically reviewed for eligibility on a daily basis, and Stripe will send you an email if your business qualifies for an offer. The criteria for eligibility is based on a number of factors, including your transaction volume and history with Time To Pet Payments powered by Stripe.

Eligible US businesses will receive an email if they have an offer to apply for available. Loans are issued by Celtic Bank and powered by Stripe.  All loans subject to credit approval.

Offer Structure

If eligible, you’ll receive an email from Stripe with your personalized offers, and you can choose the one that works best for your business. Each offer will outline:

• The financing amount: the dollar amount that will be deposited into your bank account
• The flat fee: the fee you’ll pay over time in exchange for the financing amount – there are no other fees and or compounding interest
• The total amount owed: the sum of the financing amount and the flat fee
• The repayment rate: the percentage of your daily card transactions processed through Time T that will be withheld to repay the total amount owed.

Here’s an example offer you might receive:

• financing amount: 17,000 USD
• flat fee: 1700 USD
• total amount owed: 18,700 USD

• repayment rate: 12%

  
  

If you accepted the example offer above and were approved, you would receive 17,000 USD in the bank account associated with your Time To Pet Payments account within 1-2 days along with your usual payout. Stripe would then withhold 12% of your daily transaction total in addition to the usual processing fees until you’ve paid down the total amount owed of 18,700 USD (the 17,000 USD advanced plus the 1,700 USD flat fee).

Repayment

You’ll automatically repay the financing over time through a percentage of your transactions according to your repayment rate. The repayment process will begin automatically 1-2 business days after the funds have been deposited into your account. The more card sales you process through Time To Pet Payments, the faster you’ll repay.

If you would prefer to repay faster or repay the entire outstanding balance, you can arrange to make a manual payment in addition to the withheld amounts by clicking the ‘Make Payment’ button in your loan overview page. There are no additional fees for early repayment.

Repaying early doesn’t guarantee subsequent financing offers. Accounts are automatically reviewed for additional offers on a daily basis and Stripe will send you an email if you qualify for any additional offers.

You’re expected to repay a minimum amount every repayment period. That period will be determined during underwriting and based on the total term of your loan offer. If the total payments deducted from your sales cover the minimum payment requirement, then you’ll continue to pay back your loan through a percentage of your transactions.

However, if payments deducted from your sales over that period happen to fall below the minimum payment requirement, you’ll be required to pay the remaining amount. Stripe automatically debits your bank account or account balance for the balance needed to meet your minimum payment. You can view your minimum payment amount in the Dashboard or in your loan agreement.

To see a daily summary of your repayment progress, see the loan overview page.

FAQs

How do you determine who qualifies for an offer?

Eligibility is determined based on a combination of factors, including overall sales volume and history with Time To Pet Payments. Eligible US businesses will receive an email if they have an offer available.

Do I have to pay interest?

No, you’ll pay one flat fee that does not change. You won’t pay any interest on top of this fee.

Will applying for an offer affect my personal credit rating?

No, there is no personal credit check. All offers are based on your history with Time To Pet Payments.

Can I request a different offer amount?

When you log into your Time To Pet Dashboard, you can use a slider to choose a custom amount (up to the maximum offer amount). The loan fee and repayment rate adjust based on the amount you choose.

When do I need to pay the flat fee?

The flat fee is included in your repayment total so you'll automatically repay it through a fixed percentage of your sales until the total amount is repaid.

How does repayment work?

Repayment is collected automatically through a percentage of your Time To Pet sales as they are processed which means you pay down more when business is busy and less if things slow down. As long as you meet your minimum payment requirement, what you pay each day adjusts to your sales.

What is a minimum payment?

A minimum payment is the minimum amount that you’re expected to repay every repayment period. That period will be determined during underwriting and based on the total term of your loan offer. If your automatic repayments do not meet this minimum, you’ll be required to pay the remaining amount at the end of the period. You can view your minimum payment amount in the Dashboard or in your loan agreement.

How do I make my minimum payment?

If your payments deducted from sales cover the minimum payment requirement for payment period, no action will be taken. If you have not met the minimum payment amount by the end of the payment period, Stripe will automatically debit your bank account or account balance the balance needed to meet your minimum payment. There’s no action needed on your part.

After I accept an offer, how quickly will I get my funds?

If your application is approved, you’ll see the funds in your bank account typically in as soon as 2 business days. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

Can I have my Capital funds paid out to a card?

Stripe currently does not support the disbursal of funds to a card. To make sure that funds are disbursed successfully, you must set a valid bank account as your primary payout method.

What happens when my offer expires?

Each offer is available for 30 days. After that point, your business will automatically be re-evaluated to see if you’re eligible for an additional offer.

Can I repay my loan early?

Yes, you can make additional payments or pay the total amount owed in full at any point by clicking the ‘Make Payment’ button in your Dashboard. There are no additional fees for early repayment.

Will repaying early qualify me for a new offer?

Once you repay the total amount owed, you’ll automatically be evaluated for a new offer. Repaying early does not automatically qualify you for a new offer.

How should I report these funds on my taxes?

Tax reporting is often dependent on your specific situation, so we encourage you to talk with a tax advisor to ensure appropriate accounting. In general, Stripe Capital funds would not be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations are not tax deductible.

Who can I contact to learn more about the Stripe Capital program?

If you have additional questions about how our financing program through Stripe Capital works, you can contact our partners at capital-support@stripe.com.